By Hannah Lang
The New York Department of Financial Services said Digital Currency Group subsidiary Genesis Global trading will pay an $8 million penalty and surrender its license from the regulator after an investigation found significant failings in the company’s anti-money laundering and cybersecurity programs.
Genesis – a cryptocurrency market-maker and brokerage firm – failed to maintain an effective compliance program for anti-money laundering and Bank Secrecy Act requirements and did not file sufficient Suspicious Activity Reports, which requires financial institutions to flag certain transactions to law enforcement.
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